Grayscale Investments is expanding its suite of crypto-related financial products with the launch of its new fund targeting the crypto-mining sector.
The new fund called the Bitcoin Miners ETF ($MNRS), according to the asset manager, will provide investors a new way to gain exposure to the Bitcoin mining industry. Unlike traditional cryptocurrency funds, the ETF does not invest in Bitcoin or other digital currencies. It focuses on companies deriving the majority of their revenue from Bitcoin mining operations and adjacent sectors, including mining hardware, software, and services.
The fund is priced at $25.31 per unit and it includes stocks of Marathon Holdings (16.66%), Riot Platforms (11.92%), and Core Scientific (9.2%).
David LaValle, Grayscale’s Global Head of ETFs, emphasized Bitcoin miners’ critical role in sustaining and growing the network.
He claimed that the rising Bitcoin adoption positions mining companies significant expansion and thus $MNRS is an appealing option for investors seeking exposure to the sector’s growth without managing cryptocurrency directly.
Grayscale is already a prominent name in the cryptocurrency investment space. It is well-known for its Bitcoin Trust (GBTC), which manages over $20 billion in assets. However, competition intensifies, with major players like BlackRock and Fidelity launching their crypto-focused ETFs.
This move is one of latest as it expands its footprint in the crypto sector. In December 2024, the asset manager submitted a proposal for a Solana-based ETF to the United States Securities and Exchange Commission (SEC).
In another development, the U.S. SEC recently acknowledged NYSE Arca’s application to convert Grayscale’s Digital Large Cap Fund (GDLC) into an ETF. The proposed conversion aims to transform GDLC—a fund comprising major digital assets like Bitcoin, Ethereum, Solana, XRP, and Avalanche—into an ETF, further expanding Grayscale’s efforts to bridge traditional finance with cryptocurrency investments.
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